BitCanna - The cannabis blockchain platform powered by the industry.



  • The challenges

    The European cannabis industry is worth billions.1 Unfortunately, it faces one big
    problem: the fragmented regulation of its primary product. While many European
    countries are changing their legal stance towards cannabis and more countries start
    to tolerate cannabis sales, the possession, production, and transport of cannabis are
    still illegal in most parts of the continent.
    As a result, the industry is not able to operate in a transparent way. The cannabis
    market is stamped as a ‘shady market’ that can’t be monitored by governments and
    audited by financial institutions. This leads to all sort of challenges affecting both
    consumers and businesses.

    Inefficient and costly payment methods

    Most banks, credit card companies, and payment providers won’t handle the money
    generated by the cannabis industry, even in places where it is completely legal.
    Companies working in the cannabis industry have little to no payment options to offer
    based on their needs.
    PayPal policy statement: “You may not use the PayPal service for activities that: relate to
    transactions involving drug paraphernalia/ items that encourage, promote, facilitate or
    instruct others to engage in illegal activity”.
    VISA policy statement: “Transactions in the U.S. involving the purchase or trade of
    marijuana are not permitted on the Visa network, until such time as federal law allows.”
    To bypass this problem, the market has been forced to use undesirable payment
    methods. Online shops must deal with inefficient and costly cross-border bank transfers,
    while brick and mortar dispensaries deal with an overflow of cash storage which is seen
    as a great security hazard.
    It goes without saying that stashing substantial amounts of cash comes with extra
    costs and a large amount of risk (theft, loss, fakes etc). Having insurance to cover the
    risk is a necessity, which generally speaking, costs 0.1% of the total amount of cash
    stored monthly. The average cost of a cash deposit (based on 3 large European banks)
    is roughly 0.28%

    Unknown origin and quality

    As production and transport of cannabis are still illegal in Europe, the origin of the
    product is unknown. As a result, the further the products progress through the supply
    chain, the less information about the origin of the product is available, and thus the
    quality becomes harder to verify.
    As a consequence, companies that are focused on quality can hardly proof they
    are selling superior products than other brands. This creates an unfair commercial
    advantage for brands that sell low quality products, but claim to have high standards.
    This affects trust of consumers in the cannabis market. This problem is particularly
    applicable to the online market in which consumers have to rely on reviews and ratings
    that are prone to fraud. On the other hand, principal and agent relationships become
    even more blurry as information asymmetry is being amplified by the shady image,
    meaning that one party can take massive advantage over the other.

    Privacy issues

    In this digital generation, consumers are careful with sharing information, especially
    when it is linked to cannabis. Consumers are forced to entrust more personal information
    to third parties than is strictly necessary. For instance, consumers need to share their
    bank account number and full names to fulfill an online order (bank account, full names),
    or need to show an identity card when visiting a dispensary, thereby consumers are
    forced to link more personal information than required.

     Summary

    In summary, due to the inconsistent cannabis laws, the industry faces the following
    challenges:
    1. Companies are forced to work in a ‘grey’ area of the law in which they would rather
    remain restraint instead of open and transparent.
    2. A large part of the legal industry struggles with inefficient and costly transactions,
    because payment processors are not willing to provide their services. Also, many
    players need to find creative ways to engage with banking, most often resulting in
    continuation of the ‘shady’ image.
    3. Unclear origin and quality of products.

    Solution

    BitCanna has been created to solve the current problems facing the cannabis
    industry. It is an initiative formed from a strategic alliance of leaders in the European
    cannabis industry, hereby called the Bitcanna Alliance. This network contains the
    most prominent seed banks and cannabis dispensary firms in Europe, serving more
    than 10.000.000 unique visitors every month. With their shared interest they are
    committed to providing the best solution to address these challenges, and with their
    shared expertise they are capable of doing so.
    Together, these industry leaders aim to open up the restrained business attitude of the
    current market in order to earn back trust from consumers, regulators and financial
    institutes. The BitCanna Alliance intends to reform the industry in a step-by-step
    manner by offering a fully integrated blockchain solution that will create a new level of
    transparency benefitting both consumers and businesses.
    The goal is to eliminate inefficient and costly transactions by providing a completely
    decentralized digital currency that is secure, lightning fast, and in compliance with
    local regulations. In addition BitCanna aims to build a new level of transparency by
    providing the ability to trace the production, sales, and distribution of cannabis products.
    Furthermore, BitCanna aims to build trust and reputation by providing a rating system for
    all partakers, and by offering an encrypted identity to all BitCanna users.

    A decentralized payment network

    The first phase of the project is to create a decentralized payment network to solely
    serve the cannabis industry. The main goal is to provide an alternative payment solution
    for legal businesses that is more cost-efficient than the current payment options. This
    payment system will be built around the BitCanna coin (BCNA) which is a digital currency
    that acts as a means of exchange and the unit of account in this system.
    In practice, BitCanna envisions a decentralized payment network in which payments will
    run directly from the customer to merchants — no middlemen. The BCNA Coin will be a
    decentralized digital currency that is secure, fast, and easy to use.
    Since blockchain ledger records are immutable, their transparency would, therefore,
    be perfect for financial institutions looking to audit cannabis companies, as well as
    government institutions looking to properly tax marijuana businesses and regulate the
    industry.

     BitCanna Supply Chain – A decentralized digital supply network for the cannabis industry

    BitCanna will create more transparency by adding supply chain monitoring functionalities
    to the blockchain. BitCanna aims to create an instrumental tool that allows businesses to
    optimize their supply chain network and simultaneously build more trust. This will create a
    new level of transparency within the cannabis industry.
    The lack of trust within a supply chain is normally created when one party has more or
    better information than the other. This information asymmetry creates an imbalance of
    power. However, with all the transactions neatly recorded on the blockchain and these
    being made insightful, the information asymmetry dilemma vanishes.

    •  A supply chain stored on the blockchain

    A dedicated supply chain layer is incorporated in the BitCanna blockchain. Within this
    layer, digital identities are created for all physical goods involved in the supply chain
    as well as for the various actors in the chain such as growers, processors, distributors,
    merchants, laboratories, etc. The immutable nature of blockchain enables us to
    record the complete chain of custody for every item that is logged to the blockchain
    from their origin to the point of sale. This chain of custody gives increased confidence
    and assurance of the authenticity and quality of goods that leads to better sourcing
    decisions.

    •  Applications for businesses

    Multiple applications will be developed for businesses to utilize the smart contract and
    supply chain functionalities that the BitCanna blockchain will offer.
    Traceability allows businesses to improve their inventory management by eliminating
    isolated paper records and creating a real-time trail that businesses can follow. BitCanna
    will provide a dedicated application with an easy-to-use interface to monitor and control
    inventories at all stages of the product life cycle. This allows businesses to have tight
    control over their supply chain, which ensures the timely delivery of goods and minimizes
    stock excess.

    •  Applications for consumers

    A transparent supply chain will also be instrumental for consumers with regard to the
    oversight of quality. BitCanna will provide an easy-to-use mobile application allowing
    consumers to access detailed information about their desired product through the use
    of QR codes. For example, a cannabis seed could be checked for its point of origin, thirdparty
    quality testing, timestamps, locations, customer reviews etc.

    •  A transparent supply chain.

    The market is being closely monitored with growing interest by government regulators.
    BitCanna will contribute to the creation of a trustworthy market, for which transparency is
    of the utmost importance.
    The distributed ledger will provide all users a clear insight into the production,
    transportation and financial flow of the market. This technology will be relevant for a
    variety of entities including producers, distributors, shippers, government agencies, and
    consumers.
    A transparent supply chain will foster more trust and commitment, meaning that it is
    likely to have a competitive advantage over comparable supply chains within the same
    industry. This will incentivize more businesses in the cannabis industry to join the BitCanna
    Alliance.

    Rating system

    BitCanna will create a system of trust on the blockchain, by adding a rating system for
    all partakers in the BitCanna network. This way, all links throughout the supply chain, from
    farmer to end-consumer, can build the reputation they deserve.
    In practice, the blockchain will allow for transparent reviews. For example, it will be
    possible to add a rating to an address, so you will always be able to verify whether
    you are dealing with a trusted party. Based on several parameters, built-in checks and
    balances will ensure that ratings will be handled fairly.
    Another application of BitCanna will be aimed at eliminating fake reviews. Fake reviews
    are detrimental to the cannabis industry, harming business and customers alike. Using
    the BitCanna blockchain, we can ensure that only trusted customers who actually
    purchased a product can place reviews. In addition, due to the inherent transparency
    of blockchain technology, it can also be used to prevent companies from creating
    fake reviews (most often 1 star reviews) to improve their own standing or to harm the
    reputation of the competition.

     BitCanna ID

    To protect the privacy of consumers, BitCanna will develop a personal digital identity,
    hereby called BitCanna ID. Your identity is verified by BitCanna, using your ID card or
    driver’s license. Once your identity is established, it will be encrypted and hashed. This
    hash will then be written to a unique BitCanna address. Since your identity has already
    been established at the moment of verification, any unnecessary personal details will be
    deleted. Your unique and anonymous BitCanna ID can now be used as a trusted way to
    share your identity.
    Through our mobile application consumers can use their BitCanna ID to get access at
    cannabis social clubs or to buy products in cannabis dispensaries. In many countries,
    cannabis is still associated with illegal drugs and crime. With BitCanna ID you don’t have
    to show your actual ID card at places where you don’t feel comfortable linking your
    personal details to anything cannabis related. Your BitCanna ID serves as your all in one
    ID solution for everything related to cannabis!

    Vision

    Have a look at what the future of cannabis payments is going to be. BitCanna will be used for every cannabis payment, whether it be online or in physical stores. Our CEO Jan Scheele will show you how it works.

    Technology

    Blockchain architecture

    BitCanna has already developed and successfully tested a dedicated blockchain that is
    specially designed to fulfil the needs of the cannabis industry. It consist of 5 layers over
    which the different functionalities are distributed (see figure). Layer 1 and layer 2 are
    finished and consist of the functionalities needed for the mainnet release in Q3, 2019. Layer
    3 to 5 show a visualization of future development and are presented with reservation.

    Layer 5: Application layer. Provides a
    flawless integration of the applications
    built for consumers (BitCanna Mobile) and
    businesses (BitCanna Business). Including
    smart contracts that allow for all parties
    on the chain to automate functions.
    Layer 4: Trust and reputation. Rating
    system to build trust and reputation.
    layer 3: Supply chain. Digital identity
    of products and actors in the supply
    chain. This also includes BitCanna ID for
    consumers.
    layer 2: Immutable public digital ledger.
    BCNA coin as means of value. A Proof of
    Stake consensus to secure the network.
    layer 1: Core protocol. A decentralized
    network of all devices running the
    blockchain protocol (nodes), and keeping
    records of transactions that support the
    BitCanna infrastructure.

    BCNA coins are created each time a new block is discovered. The blocks are discovered
    at a rate of approximately 30 seconds. A difficulty retargeting algorithm is in place to
    keep the block time steady. The number of BCNA coins generated per block is set to
    decrease linearly, with a reduction of 10% versus the first block reward (block height 1)
    every 1051200 blocks until it reaches zero. In time, the system will slowly transit into a
    transaction-fee-only model.
    Blockchain technical specifications
    Launch date: July 1st, 2019
    Blockchain type: Public, Decentralized, UTXO based
    Ticker symbol: BCNA
    Algorithm: PHI1612
    BitCanna coin economics
    Initial supply:* 420.000.000
    Circulating supply:* 252.000.000
    Max supply:* 651.000.000
    Inflation rate: 10% --) 0%
    Block creation
    Block time: 30 seconds
    Block size: 6MB
    Block reward distribution: 50% Masternodes/ 40% Proof of Stake/ 10% Project proposals.
    *Depending on the % of coins that are sold in the ICO.

    Network security & incentives

    The BitCanna blockchain is an open source blockchain using the Proof-of-Stake
    consensus.3 In a public blockchain network, bad users can attempt to attack or disrupt
    the network for their own gain. In an effort to secure the network against such attacks,
    the network must have a method of finding consensus. In other words, a mechanism is
    in place that will prevent possible wrongdoers from taking advantage of the BitCanna
    network and use it for possible bad purposes.
    Proof of Stake (PoS) is a category of consensus algorithms for public blockchains that
    depend on a validators economic stake in the network.3
    While users run a full node, thus staking coins in the BitCanna wallet, they will be
    participating in the consensus protocol on the BitCanna blockchain. It is up to the node
    that generates the next block to prove that it has access to a certain amount of coins
    before being accepted by the network. Generating a block involves sending coins to
    oneself, which proves the ownership. The required amount of coins (also called target)
    is specified by the network through a difficulty adjustment process similar to PoW that
    ensures an approximate, constant block time.
    As a reward for keeping the network secure, every 60 seconds (average block time)
    a wallet is chosen to receive a stake reward. When and how often a wallet earns the
    rewards depends on the ‘weight’ of your stake. The weight is determined by the number
    of coins and the ‘age’ of the coins held by the node’s address. The more coins that are
    staked and the longer the coins are at stake, the better are the odds of successfully
    discovering the next block.
    BitCanna aims to offer a 5-10% annual stake reward of BitCanna coins in the specially
    developed BitCanna wallet. The exact rewards depend on the number of active nodes in
    the network.

    Masternodes

    The BitCanna network is secured through the consensus mechanism described above,
    but in addition, it is stabilized on top of a network of dedicated servers — masternodes.
    A masternode differs from ‘regular’ full nodes in that they have additional functionality:

    • Instant send

    The most important function of the masternodes in the BitCanna network perform
    is to instantly lockdown transactions. With the Point-of-Sale solution, nearly instant
    transaction speed is of the utmost importance. The masternodes in the BitCanna
    network facilitate instant transactions.

    •  Governance and budgeting

    A similar governance and budgeting system seen by Dash/PIVX is implemented in the
    BitCanna blockchain. Important decisions are made by the owners of the masternodes.
    The system allows masternodes to vote for or against a proposal, and if approved, the
    proposal will be conducted by BitCanna developers. In this way, decisions are made by
    the network in a short period of time.
    Like Dash, 10% of each block reward will be used to fund the implementation of the
    approved proposals. This funding structure ensures the longevity and continuous
    development of BitCanna, without the dependence of donations or pre-mined
    endowments.
    The Masternodes can be run by anyone; however, there is an entry barrier in the form of
    collateral. The collateral never leaves the user’s possession, it can be moved at any time,
    however doing so will disconnect the Masternode from the network. To run a Masternode,
    the following is required:
    • Masternode collateral: 100.000 BCNA
    • A VPS or server to host the wallet 24/7
    • A Dedicated IP address
    • Storage space to save all blockchain data

    •  Masternode reward structure

    As the masternodes provide services to the network, it receives a part of the block
    reward for each block created. 50% of the block reward is dedicated to the masternodes.
    Depending on the block height and the total amount of masternodes in the network, it
    can be calculated how much revenue a masternode will generate.

    Applications

    BitCanna provides an ecosystem of services through multiple easy-to-use applications,
    connecting the entire cannabis industry while allowing transparency and traceability
    of transactions and products. Cannabis dispensaries, online merchants, growers, and
    consumers will all benefit from the services provided by BitCanna.
    The ecosystem will be much more than a decentralized network that provides a
    payment network, supply chain monitoring, and identity verification. Additional
    functionalities will be available in dedicated applications to incentivize both consumers
    as businesses. In this chapter we will give a brief introduction of these applications and
    their possibilities.

    BitCanna Wallets

    BitCanna will have 3 types of wallets. A node wallet, a lite wallet and a mobile wallet.
    The lite wallet is an easy-to-use desktop wallet that provides a secure way to store your
    BCNA, and has its primary focus on easy receiving and sending BCNA coins. The lite
    wallet is significantly smaller in size than the node wallet as it does not store a copy of the
    blockchain on your device. Therefore, you won’t be able to produce staking rewards by
    leaving your lite wallet open. The mobile wallet can be found in the next paragraph.
    The lite wallet provides the following features:
    • Free download - The BitCanna Wallet is free to download for Windows, Linux, and OSX
    at Bitcanna.io.
    • Secure access - You can access your wallet with a private key, JSON-file, and
    eventually through ledger-support. The BitCanna Wallet has built-in SSL encryption
    which adds an extra level of security.
    • Transactions - You can send your BCNA as an ordinary (public) transaction.
    • Instant transactions - Instant transactions will be facilitated through masternodes, this
    feature will be available through the lite wallet. With the Point-of-Sale solution, nearly
    instant transaction speed is of the utmost importance.
    The node wallet provides all of the features stated above and additionally allows for:
    • Staking rewards - The node wallet syncs with the blockchain, and stores a live version
    of the BitCanna blockchain on your device. This requires some disk space as it is
    obligatory to download the blockchain’s data. By leaving your node wallet open,
    your computer power will be used to help secure the chain, and therefore you will be
    rewarded with an annual staking reward of approximately 5 to 10%.
    • Masternode rewards - By storing a specific and relatively high amount of coins, you’ll
    be able to run a masternode through the node wallet. You can either choose to run this
    on your computer or through a VPS (Virtual Private Server). See Masternode section for
    more information on this.

    Payment network

    BitCanna Mobile

    BitCanna Mobile is an intuitive user-friendly mobile application that provides the
    following features to consumers:
    • Mobile wallet - BitCanna Mobile gives easy access to your mobile wallet, enabling fast
    in-store mobile payments and peer-to-peer (P2P) transactions.
    • Mobile identity - BitCanna Mobile gives easy access to your encrypted BitCanna
    ID to speed up customer identity verification inside dispensaries and online shops.
    Customers must first register and get verified to use BitCanna ID.
    • Database - Customers can access a database containing hundreds of cannabis
    dispensaries, and over 15.000 different strains will be available.
    • Customer reviews - Customers can review both dispensaries and strains and will be
    rewarded with BCNA by the reviewed dispensary.
    • BitCanna Maps - A proximity map will be integrated with a google maps interface
    to pinpoint local dispensaries. This allows customers to search local dispensaries and
    strains based on their preferences.
    • Advertisements - BitCanna Mobile enables dispensaries to present advertisements
    based on a user’s geographical location. Users that choose to receive these
    advertisements are automatically rewarded by the advertiser with BCNA. Advertisers
    that offer more BCNA will get more visibility in the mobile app.
    • Loyalty program - BitCanna Mobile enables dispensaries to build a loyalty program
    and offer a promotional system with BCNA cashback rewards and product discounts.
    • Product scanner - Customers can scan their desired product to gain information
    about for example the origin (producer, location, timestamp, seed) and quality
    certificate.

    Supply chain

    BitCanna Business

    BitCanna Business is a modular toolset for businesses to provide a stable and secure
    payment system and to manage and display valuable business analytics. It will help
    growers and merchants to reduce cost and sell more products by providing the
    following tools:
    • BitCanna online payment plugins - To stimulate mass adoption by online merchants,
    BitCanna will provide easy-to-integrate plugins for the most frequently used
    payments platforms (OpenCart, Magento, OSCommerce, Prestashop, WooCommerce,
    and Shopify). These plugins and their manuals will be available in different languages
    on the BitCanna website immediately after the ICO.
    • Point-of-Sale - To become an in-store mobile payment solution, a point-of-sale
    integration solution will be available directly after the ICO. This solution can be
    integrated with the merchant processing software that is most frequently used in
    cannabis dispensaries.
    • Inventory management - The Inventory management tool allows businesses to track
    and control their entire supply chain with an intuitive interface. This helps to minimize
    an excess or shortage of inventory levels during all stages of production.
    • Compliance tools - aligning standards and control throughout the supply chain.
    This allows businesses to verify raw materials’ origin, product life cycles and check for
    quality controls and certification.
    • Identity verifier - A tool to verify the hashed BitCanna identification of your clients.
    • Analytics - Merchants can obtain analytical information based on the preferences of
    customers and the geographical location of the BitCanna users.

    Trust & Reputation

    BitCanna Platform

    The BitCanna Platform is an extension of both the consumer mobile application and
    desktop wallet as well as the business modular toolset. It brings businesses together with
    cannabis enthusiast on the platform for direct and targeted marketing. It will incentivize
    both consumers and businesses in the use of the rating system. In addition, the platform
    will incentivize the use of the BCNA coin as a payment method over current fiat payment
    methods.

    •  BitCanna Platform

    Businesses will be able to access the platform via the business portal, which is an
    extension of the business modular toolset. It will provide shops and dispensaries the
    means to advertise directly with a market-oriented focus to cannabis enthusiasts. In
    addition, the platform is linked with the analytical tool to further optimize marketing
    efficiency.
    All BitCanna verified users will be able to access the BitCanna Platform through both
    BitCanna Mobile application and the desktop wallets. The BitCanna platform will provide
    the following features:
    • Advertisements - The platform enables shops and dispensaries to purchase
    advertising space on the platform. The advertisement space can only be purchased
    with BCNA coins. Users that choose to receive these advertisements are automatically
    rewarded by the advertiser with BCNA.
    • Loyalty program - The BitCanna platform enables shops and dispensaries to build
    a loyalty program and offer a promotional system with BCNA cashback rewards and
    product discounts.
    • Rating system - A weighted multi-dimensional rating system will allow customers
    to rate shops and dispensaries, and vice versa. To incentivize customers, they will be
    rewarded with BCNA coins after leaving a rating or a review.

    • BCNA purchase incentives

    All partners within the BitCanna Alliance have agreed upon the initiative to stimulate
    BCNA payment over the current fiat payment methods. To achieve rapid mass adoption,
    the shops and dispensaries will offer extra deals to incentivize BCNA coin payments. An
    overview of the active deals will be displayed on the BitCanna platform.
    Some examples:
    Price reductions - rebates, ‘BCNA cash back’ - type offers.
    Bonus products - buy $100 worth of products in BCNA and receive a bonus product.
    Extra products - purchase with BCNA to ‘buy one get one free’ - type offers.
    Free samples - Purchase with BCNA and receive free product samples.

    Roadmap

    Our distribution partners have been wandering with the problems we’ve been outlining
    for quite a while prior to the blockchain revolution. Whilst coming up with a fitting
    solution for the inefficiencies within the cannabis’ supply chain, we’ve been uncovering
    vertical integration, policy, transparency and financial issues which we have found to be
    prevalent in the whole European if not global market, not only giving our project a good
    fundament to start with, but our partners a fantastic use case.
    The developmental roadmap consist out of three consecutive phases.

    Phase 1:

    Global payment solution.
    The goal of the first phase is to provide a completely decentralized digital currency for
    the cannabis industry that allows secure, lightning fast, and low-cost transactions. All
    members of the BitCanna Alliance will implement and advertise BitCanna to boost
    early mass adoption in Europe. Once phase 1 is complete, BitCanna is the first and only
    blockchain solution that successfully addresses the payment challenges of the European
    cannabis industry.

    Phase 2:

    Supply chain monitoring.
    In the second phase, Bitcanna aims to create a new level of transparency in the
    cannabis industry by providing the ability to trace the production, sales, and distribution
    of cannabis products. Once phase 2 is complete, businesses are able to optimize their
    supply chain, and consumers have insight about the origin and quality of their desired
    products.

    Phase 3:

    Trust & reputation.
    In the third phase, Bitcanna aims to build trust and reputation by providing a rating
    system for all partakers, and by offering an encrypted identity to all BitCanna users.

    Initial coin offering (ICO)

     Fundraising

    The total funding goal approximates to 20 million USD in cryptocurrency equivalent. The
    coins are sold in three consecutive rounds: 1st) a business-to-business (B2B) sale, 2nd)
    a private sale, and 3rd) public sale. The raised cryptocurrencies will, if the soft cap is
    reached, in totality be converted into fiat (Euro). The publicly offered digital coins will be in
    the form of BitCanna’s native BCNA coins. The end of the initial coin offering (ICO) will be
    triggered when the hard cap or the time limit is reached.
    The first round consists of a capped business to business (B2B) sale that runs from
    01-07-2018 until 30-10-2018. The reason for this is to give hedge funds, venture capital
    firms, and all firms within the cannabis industry an opportunity to support the project at
    the initial stage. A minimum amount of $10.000 is required to participate in the B2B sale.
    All coins that remain unsold in the B2B sale will trickle down into the private sale stage.
    The second round of the ICO is the private sale. To be eligible to participate in the private
    sale, it is mandatory to register for the whitelist. The whitelist registration period starts on
    01-07-2018 and is capped at 15.000 registrants. The whitelist registration period runs until
    30-10-2018 or if the registrants cap is reached prior to this date. The start of the private
    sale is on 31-10-2018 and will run for 14 days.
    A Know Your Customer (KYC) procedure is mandatory to be registered on the whitelist
    and participate in the ICO. The KYC is done so that BitCanna can check the source of
    funds raised during the ICO and to verify the participant’s identity and residency.

    The first step is to register an account on the website, which will create you a personal
    Bitcanna ICO dashboard. Once created, there are various documents and bits of
    information required to finalize the KYC process.
    The KYC verification requirements are Title, First name, Last name, Country, Address, Date
    of birth, Source of wealth.
    • A color copy of the front of a valid government-issued photo ID (e.g. passport, driving
    license or ID card).
    • A color copy of the back of a valid government-issued photo ID (e.g. passport, driving
    license or ID card.
    • Proof of address - a color copy of a utility bill (e.g. water, electricity, or gas) or bank
    statement. This document should contain your name, address, and date of issue
    (must be no older than 3 months).
    The private sale will have an individual maximum cap of $50.000 for each participant. A
    minimum amount of $500 is required to participate in the private sale. Please note that
    depending on the average contribution per participant, there is a chance the ICO sells
    out without all participants having contributed.
    All coins that remain unsold in the private sale become available for the public sale. The
    public sale runs from 15-11-2018 until 30-06-2019. A fair distribution of the BCNA coins
    is desirable and to ensure that there are a large number of participants, the minimum
    contribution amount in the public sale will be kept low — $25. The public sale is open,
    which means those that missed the whitelist registration are welcome to join the public
    sale. A KYC procedure is also mandatory for public sale participants.

    Coin distribution

    • 60% of the total BCNA supply is allocated to the ICO
    • 15% of the total BCNA supply will be reserved for the BitCanna team, founders, and
    advisors. Founder’s and team member’s coins are contractually locked and therefore
    they will be prohibited to liquidate the assigned coins within the first 12 months.
    • 10% of the total BCNA supply will be reserved for the marketing campaign to create
    awareness and stimulate adoption as described in chapter 4.
    • 15% of the total BCNA supply will be locked for future business development & market
    expansion. These coins will be locked for the first 12 months.

    Use of funds

    The funds collected from the first round - the B2B sale - will be used to cover most of the
    soft cap, which involves all sorts of accrued costs that kick-started the project. Main costs
    covered with the B2B sale:
    • Development cost - The team of 13 developers that have been working full time on
    the development of the BitCanna Blockchain since Q1 2018. A fund will be reserved to
    ensure stability in the development process throughout the forthcoming years.
    • Legal costs - Both the ICO process and the product development have been
    thoroughly screened and audited by the legal team and legal advisory board.
    • Promotional costs - To raise awareness and interest of the potential investors we will
    visit conferences and meetups, promote and pitch, all to spread the word of BitCanna.
    • Marketing expenses - Advertisements and a strategic campaign for the public sale.

    The funds collected in the private sale and the public sale, dependent on the amount
    that is raised, will be allocated for the following:
    • 40% - Product development
    Development of the BitCanna Platform according to the product roadmap, like
    software engineer salaries, team expansion, consulting fees.
    • 30% - Communication and Marketing
    • PR and marketing campaigns to increase brand awareness and adoption of
    mainstream users.
    • Participate in summits and conferences in both cryptocurrency and cannabis
    industry related events.
    • Promote BitCanna to major media outlets both in the cryptocurrency and in the
    cannabis sphere.
    • Community development, the user base of the BitCanna partners will be used to
    boost network effects.
    • Hire new marketing division to expand globally (mainly the US and Canada).
    (For more detailed information, see chapter 4)
    • 20% - Operational
    Operational costs will cover the day-to-day expenses incurred for a fully functional
    global platform. Costs include staffing, infrastructure, management, outsourcing and
    other related expenses.
    • 5% - Legal
    The cannabis industry is on the edge of a regulatory and legislating revolution.
    BitCanna aims to contribute in a positive matter to this process in the coming years.
    It will be assisted by a well-reputed law firm to ensure longevity and success of the
    company.
    • 5% - Contingency
    Reserve fund is intended for unexpected costs. A technology start-up in a young
    volatile market must maintain some reserve.

    Core team

    The BitCanna team consists of a diverse group of talented individuals with varying backgrounds and disciplines.

    The development team consists of an experienced group of 13 senior developers. A diversified group of web, app and blockchain developers. The development team is based in Ukraine but will remain anonymous for their own respective reasons. Under the lead of Paulo as head of development, they are very capable of completing the development roadmap BitCanna has set up for itself.

    The development team is complemented by a group of blockchain enthusiast that work closely with the development team to form the core of the BitCanna team.

    Operational team

    The operational team consists of employees from the companies that are part of the BitCanna alliance. They will supervise the implementation of the network, provide data and feedback for the development team, launch the marketing campaign to activate the user base, and will manage the community channels and social media as well as providing support.

    Legal advisory team

    The BitCanna advisors consists of several lawyers with high expertise in their respected industry, with André Beckers and Miguel Torres as cannabis lawyers and Willem-Jan and Camiel as blockchain lawyers.

    Social media links:

    Website: https://www.bitcanna.io/
    Twitter: https://twitter.com/BitCannagl...
    Github: https://github.com/Bitcannaglo...
    Telegram: https://t.me/BitCannaglobal
    Medium: https://medium.com/@bitcannagl...
    Youtube:
    https://www.youtube.com/channe...



  • 4 New Companies Bring The BitCanna Alliance To 40 Confirmed Partners

    If you are still unsure about where you will be able to spend the revolutionary new cryptocurrency BitCanna, then our 40 confirmed partners should give you some indication of its widespread potential. The cannabis industry has an incredible amount of confidence in the fledgling token, as it aims to directly tackle issues that traditional payment platforms have yet to face into. In Q3 of this year, the first version of the BitCanna mainnet will go live, and with it, an entire world of possibility.

    Without further ado, let’s find out which products or services the new partners have to offer users of the BitCanna blockchain.

    CBD Green Health

    CBD Green Health is a French CBD provider that focuses on traditional values and eco-friendly components. Worldly resources are not infinite, and consumers will welcome any company that takes a more sustainable approach to the manufacturing of products. Green Health’s commitments include a focus on fair trade, and only using components that are free from animal testing.

    In partnership with several highly renowned brands, CBD Green Health provides a comprehensive range of CBD products to the French market. These include pure CBD crystals, dried hemp flowers, and CBD oil.

    Göttergarten

    Founded by Christian Perner in 2016, Göttergarten was the first provider of premium hemp products in Austria. That accolade is no small feat, as confusing legislation can make even the most able startup companies struggle. Together with his business partners, Perner has established the business as a respected provider of products that focus on quality over quantity.

    Every element needed to sell a product has been expertly crafted and reviewed. Careful consideration has been given to production, development, and marketing. If you want to utilise one of the oldest crops in society, Göttergarten will have a hemp-based product to suit your needs.

    Paisagrowseeds

    The BitCanna concept doesn’t just apply to European businesses. A unified payment platform has applications on a global level. This is something Paisagrowseeds has recognised; as the first Colombian seed bank to offer feminised seeds, they too will be accepting BCNA.

    Cannabis enthusiasts living in Colombia, Costa Rica, Ecuador, Peru, and Mexico will have access a catalogue of hand-selected seeds at affordable prices. As an additional benefit, seeds have been chosen for their high production of resin and terpenes. These attributes make them ideal candidates for homemade concentrates.

    Seeds Of Love

    If you live in Finland and are in need of a complete range of vaporizers, cannabis seeds, powdered herbs, or smoking paraphernalia, then Seeds Of Love is the ideal e-commerce site. They focus exclusively on providing the best possible customer service to Finnish customers. As such, they always have a Finnish customer service assistant on hand to answer any questions or concerns.

    They claim to be the best supplier of vaporizers in Finland, and they certainly have the product range to back it up. A catalogue of over 50 portable vaporizers means Seeds Of Love can cater to every vaper’s needs.



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